New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-12
A FINANCIAL BUBBLE BURSTS.
YOUNG LATIMER L. JONES ARRESTED FOR
FORGERY.
EXTENSIVE swISDLING SCHEMES KXPosEp-HiS
wIFEs INHERITANCE SWALLOWED UP
FRAUDULENT PAPER AMOUNTING TO
OVER 5000. .O0O-A FOLLOWER
or FERDINAND WARD.


which became public by proceedings In Judge cow
lng's court yesterday. discloscs system Of imam
cering bold AMI apparently dangerous al most
OF Ferdinand Warl Jones Is Of respectable failiy
and attractive manners. lie is scarcely twehty-clsh'
years old. He engaged in business h a moderate
way four years ago a lumber dealer. lie "as
respected and considered a bright young man with
a good prospect of business success before him. he
married the young daughter of Louis Colwen, tho
founder and head Of the Colwcll Lead Company The
wedding was a brilliant one and hosts Of friends
wished the young couple happy lives. Yesterday
Jonrs called to plead to three indicm Tor
forgery and only failed TO because he was l
Jail elsewhere.
ANXIOUS TO GIT RICH QUICKLY.
Tho young ambitious when he began his
married life and he wished to obtain riches quickly
He said to a relative: People don't get rich now
adays by the old plodding ways. The only way 10
make money is TO scheme, to organize new com
pancs and to 60 into all sorts of things TIL you
strike something rich"
Young Jone, proceeded this theory, and ap-
reared at first 10 be successful. lie organized the
Now-Yor1 Lumber Auction Company and htted up
expensive offices the foot Of West TwentyhIS-s'
Tho company's yard could hold from 1,@Oo.ooo I"
1,5OOOOO feet Of lumber. His faiher-in-aw became
a director in the company. Jones borrowed money
in large amounts, especially Of benjamin L. Lndlng-
ION, n wealthy Ttlicu lhWN ct Nlo't h'p""'''''
had made. Mr.. Ludngton dscommunted notes which
Jones said had been Given TO him in pa'Il'h ior
lumber delivered. The borrowing began In a small
way and the lender thcn made careful Inquiries as
TO tho standing OF the men on whose notes ho
gave money 70 Jones. Tho amounts bOrro""i
and the frequency Of the loans Increased
but still Jones managed to present notes ap-
pacntN signed BY rcputa business hrhS'
Jones went on In his schemes for making
tafI.c fp-ia Jcb icavf
be divided among his I've children. Jones organized
or helped TO organize the hall Electric Light
Company with capal Of S40O00'o, the United
states Dredging Company, the Orange County STOCK
Farm Company, and a creamery company. In most oil
these he associated with himself crPollcc ConmiT-
sioner DO witt G. Wheeler who married sister of
Jones Mr. Whcc or was president OF the lumber
company and the electric light company, while Jones
was tho vicc-prc-hlcnt and treasurer
APPARENTLY MODEL YOUNG MAN
Jones was a moIcl Of property n FAR as his
friends could observe. lilo dih rot smoke drink %
swear while hi- mode Of living was expensive It
seemed warranted by his prosperity His pei SERENE
besides the lumber company, was the stock farm near
Cohen ~ Y. lie bought farm OF 500 a'n-'
,,ich extended over the Ncw-Jcr.cy line. The
property wa called Pine Island lie stocked It win
1ls bloocd horses. Fifteen carpenters were cne4e'd
in putting up handsome barns and stable. s'"f'
OF lal,orer. wcrc at work at various improvements
herd Of fine jersey tie ant Ong The at'Fa'''Oh'
OF the place Jones drove fine horses ana ""S IL"
envy OF the ncighboring farmers.
His lumber business also seemed extensive. ho
soil moro chcapy than any ono In the tr"ie anu
consequently hal plenty Of custom
His transactions with Mr.. Luding on, meanwhile
continued To grow larger Much of his pal"f wa
in the hand, Of banks Of thls cty ana ia mo IAN
Of 1856 according to the statement OF MT luint'o',
no,cs to uo extent Of between 100000 and s'oo'oo'
had been discounted.
coSVFssIvG his GUILT ~ CENTRAL fAfh'
conc evening IN september or October I77'' MI
rndlngton say, Jones called on me al 'h' n"''7
lan t,o,c lie had driven up to the door IN b"ssS
and he invited me to take DIR vo with hl"' i''
took me to Central Park, and "i"h We No'' D"
lonely place he told me calmly That all we pay
,.ccpt a few note forged ana ranu"I'n' -
had been armed do not know That ho "u"'" Nv"
y, uvinc. so a,toni.hcd and Indignant was AT 'h'-
discovery -
Mr. Ludlngion did not. however, begin c'l Z"
.,,o, ro,cccdinrs AT onfc. Mrs Jones made an
asslanrncnt 4 her interest In her fathers cS'''o
me great . farm at Pnc leland was seized oy
some az the bank. who held Jones' paper or 'hA' oi
some of the concerns IN which he WA ln'cre'"'',
Criminal proceedings were however bes"h J."
weeks ago and on October IA three indictments Tor
forgery wero found against him lie kept ou- VI
the way until the court pf General sessions nan
adiourncd for the October term, and on November
nc surrendered hir elf His attorney wa- i"-'u7
s. Ransom, WHO has just been elected surrogate
Indigo DunnLuc fixed the bail at $500, when was
given by John Dallc,, Of No. $50 Wostst' Inc III
dctmcnis charge the for gerry of note p'p"''i"e !"
be signed by j. H. Van Chef Of Port Richmond
staten island for se2I Of the date Of April /, 1856
mote dated february o. IssG for 81 800 bearing tho
name OF f.. Tuihill & CO., Of Promised Land l. L.
and note for $3.50 dated May 26, 1855, to which Inc
name of T. =. Darling, Of Port Jefferson, Is signed
No publicity given to tho arrest when u was
made The cases Judge COwings calendar
yesterday for pleading. Jones dld lot respond when
his rame was called and Judge Cowlng ordered THAI
,hc bond be forfeited and that bench warrant DC
Issued for the arrest OF the defendant.
JONES WAS IL JAIL AT GosHEY.
Tho absence of Jones explained Afterwards by
Mr. Lndngton and by of the relatives of tho
defendant They said that Jones was jail a. ooShoh
lie had been arrested they said for unawfnliy dis
n.np OF seyeral horses which he had bought Of per
sons who believed that no was stlll wealthy man
In the stoch farm at Pine Island The
horses were taken, II charged. to Goshen, and
when the sellers tried to recover them they were
sent to this city and sold at auction The belief was
cxnrc.sc,i that but for this JOnos would
have been present at court yesterday morning
Mr. IudngtOn, when seen at tho The langham, nj
F1fth-avc and Fifty second IT., last evening" was i"ii
Of indignation at the conduct of Jones, whom ne
accused of forgerics and fraudulent representations
amost innumcrabic ." / have I'm n trunk upstairs" no
said letters and statements to the responsibility
Of persons whose notes have discounted, ana
hccve that thrsc are almost all forged to bolster up
the fraudulent paper which he has givcn me "h"h
he told me that notes indorscd by him were forged
made an investigation and found that the drawers oi
the notes rcpudlated them Jones went Into the most
elaboraie schemes to deceive me. lie Wouid pr'hs
persons to my office who would say, i am >" a'u 30
am worth 600 600 or S200,OOO and want to open
AN account with Jones' Tho were not the per
sons they represented themselves 10 be- a. | haVe
since discovered. At other times Jones "Oui come
to me with letters IN which tho writer's woud say
| am worth than 100000; do large business
etc. and those representations would secure dis
count Of purporng be signed by the wrtcS "i
the letters. There largo amount OF the hIlcs
ILL L.. eli, LaL hl aInNunl has nccn